** For more information about Claridge Icon, visit our Claridge Icon page, with all of the renderings, floorplans, detailed information, etc. CLICK HERE.**

Claridge Icon, located at 505 Preston street and just north of Dows Lake and in Little Italy, is continuing to sell units as construction moves along. Currently the building is over 50% sold out and has a good selection of sizes and prices. Units start at $336,000 for the Gable (610sqft), or the Redford (625sqft) for $338,000.

Occupancy is slated for October 2020. Prices average $604sqft. Deposit is 15%.

EQ Homes is launching the latest condo building The River Terraces II this Saturday, October 13th at 10am. The building is a sister building to Terraces 1, which is located inside of Greystone Village - sandwiched between Main Street and The Rideau River. The building will be designed by Hobin Architecture Inc. and will consist of 99 units over nine floors. Units will range from 300sqft to 2,500sqft plus balconies or terraces.

Often, real estate is defined by its numbers and data - we can report on "hard facts" to provide a picture of the market. However, when we receive the standard monthly updates from the Ottawa Real Estate Board, I find it quite frustrating that the data reported for "condominiums" is board wide - meaning any property type that was listed as a condominium in any area. (This isn't a rant - there are too many micro markets across the city for them to report). What this means is that the information isn't compared by location (downtown vs Kanata) or property type (example - apartment or townhome) which can often mask or hide very interesting or specific information on a more detailed level. We all (should) know that there is a huge difference in price between a townhouse style condo in Kanata, versus a modern downtown highrise apartment in Centretown.

Let's break down some specific data for the top five "downtown" area's - specifically Centretown (including Golden Triangle), Byward Market and Sandyhill, Little Italy (which would include Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.

Centretown(North of 417, Canal to the East, Bronson to the West, Parliament Hill to the North).

Overall the average sold price for a Centretown condo over the last month is $371,998.00 which is up compared to a year ago, which saw an average list price of $347,394.00. The average DOM is at 46 which is an improvement over last year at 80 days (Keep in mind that includes the conditional period). The list to sale price ratio has increased to just under 99%, and a nice increase over last year at just above 97%. In June, we saw only 47 new listings, with 43 sales.

What does it mean? A healthy increase in the demand for condos located in Centertown. A much more balanced market, with prices continuing to rise at a very marginal rate. One thing to note is that the DOM from two years ago was up to a whopping 85 days. Based on what was listed vs sold, I would expect the market to be more of a Seller's market unless we see more listings!

Byward Market and Sandy Hill(Includes Lowertown)

The average sold price this month in the Byward Market and Sandy Hill has dropped slightly to $362,773. The DOM has dropped to 50 days, and much better than it was 3 years ago - 75 days. The list to sale price ratio held the same around the low 97%.

What does this mean? Prices are lower and becoming more attractive to buyers which is helping to reduce the DOM. Slightly more leaning towards a buyers market then for selling. With the DOM lowering you should see the list to sale price ratio increase.

Little Italy(Includes Lebreton Flats)

The average sold price for a condo in Little Italy is down to $386,900. The average DOM is up to 47 days, with the one year at 45 days. The average list to sold price ratio is up to 98.1%. Overall there are less new listings with a few more sales compared to last year.

What does this mean? Since there are fewer buildings which mean fewer sales, the numbers will be affected more by each sale. Lower prices will drive the DOM and sale price ratios as buyers compare them to other areas. The number of listings will increase, and as prices drop, the number of sales will increase. Great market if you are a buyer looking for options with less competition.

Hintonburg

The average sold price in Hintonburg lowered slightly from last year, to $374,620. More sales and a much tighter list to sold price ratio have dropped the DOM to less than half - now 39 days from the 89 days a year ago.

What does this mean? It is much more of a seller's market than a buyer's market. I think it will get tighter unless we see more listings. More buyers looking to move more west! It is a great time to sell.

Westboro

The average sale price in Westboro is up from last year to $474,406. With 17 new listings and 17 sold properties. The highest list to sold price ratio in any of the five area's at 99.4%! The DOM is also quite low at 37!

What does this mean? A hard market if you are a buyer. Considering that almost all condos will sell with a conditional period for status certificate review of 10-14 days, the DOM of 37 is very good for sellers. The higher price point is due mainly to larger, longer term planned living (compared to studio's and sub 600sqft units found more in Centretown and Byward Market).

Are you looking for more information about a specific area or building? Thinking of selling or buying? Let's chat - click on the button below!

Offering discounts of up to $50,000 on select units, Minto is making it more attractive than ever to purchase a unit at one of their developments. Only a few units are included (or should we say remain) with more expected to be available during the one day event. Dubbed "CondoMania", Minto is holding a sale at the Glebe Bank street sales office on Saturday October 24th at Noon till 6pm. The projects included are Lansdowne, Beechwood, and Upperwest! In addition to the up to $50,000 savings, buyers also will receive free parking and locker PLUS a pair of RedBlacks 2016 season tickets.

For more information about the three developments, or to see sample units and pricing click here. If you are looking for assistance with purchase, fill out the form below - I would love to help.

NOTE: I don't mention the possibility of price changes. I don't have a crystal ball and not able to tell the future. Maybe prices will rise, maybe prices will fall. This article leaves price factors out of the equation.

Yellow school busses, #PSL, and football are all back which can only mean summer is almost over. This time of year we are finding people coming back home from vacation, back to work, and noticing that they would like to make a move before winter (aka the deep freeze).

A common question we hear around this time is from those who are thinking of selling, but are wondering if the fall is a good time to sell. Every person's situation is different, but generally the answer is yes. Typically the busiest time of the year is the spring/early summer, followed by the fall. This is when we see the most activity of people buying and making a move - more buyers!

Should I wait till the spring to sell my condo?Some ask if it is worth it to wait till the spring to sell their condo. Depends, can you wait? (some can't - surprise baby (nine months isn't a surprise but you get the idea), divorce, tenant vacated...etc. If you have the time to wait use it wisely. Use this time to prepare the condo to show its best. Get an outside perspective of what is holding the unit back from showing a 10 out of 10. Are the floors scratched up, need a coat of paint? Maybe it is worth the cost to repair - maybe it is not. Typically people forget that staging take a week or more to arrange and have set up, all time that should use to plan.

Who is the buyer?When I work with clients to list a condo for sale, I always sit and figure out who the potential buyer(s) will be. Is this an investment property, mature couple, young professional, etc. When you are looking at selling, think about that buyers life... Typically it is different than the standard family with two kids, so keep in mind the condo buyer isn't subjected to back to school season, and December holidays. While we are still impacted by weather (snow, cold, rain, etc) in Ottawa condo land, we typically still have buyers looking throughout the winter. Our buyers are not as affected by weather as much - "There is No snow in condo land!". Take a look at your life to get a sense of the possible buyer - do you travel during the summer, or visit family around holidays? Long weekends are usually very busy, or very slow - depending on the time of year! Use this to plan your dates!

SELL IT NOW!For those who want to sell now a few things to keep in mind. While it is important to have the home prepared and showing as best as it can, it would depend on how long would it take to get there and how much effort you are willing to put in. You might only be willing to invest a certain amount of energy and time to getting it show ready. Don't waste time. If you are going to list now, don't waste a month - buyers are out looking now. Get it ready and get it listed.

So... Fall?There is no clear answer since everyone is in a different situation. The fall is the second best time of the year to sell. So if you don't/can't/wont't wait another seven months - then give me a call and let's get things started. If you are thinking of waiting, or need a better idea - let's chat. I can help you decide what might be best, or what you are looking at.

New promo has just announced directly from Richcraft for anyone who purchases The Bowery. Buyers have the choice between no condo fees for one year, free storage locker, upgraded designer package, or hardwood in the bedroom.

While you might have a preference on which you would prefer, it will depend on the size of the unit to decide which option would be the best option. No condo fees for one year is typically a rebate or discount off purchase price. Easily calculated for the size of the unit - $0.36sqft 800sqft = $3456/year or 400sqft = $1728/year. Storage lockers are priced around $3,000. Then the designer package and hardwood depend on the unit.

Questions about the building, units, or purchasing pre-construction condos in Ottawa? I would love to chat - fill out the form below or email directly Matt@MattRichling.com.

Fortress Real Developments, has now released the third edition of their semi-annual Market Manuscript. This is the third edition which is an in-depth analysis of available real estate data and projections, delineated by market, and grounded in solid research. It profiles the Canadian Market as a whole along with individual markets such as Ottawa, Toronto, Calgary, Edmonton and Winnipeg, along with local and national trends.

The 50 page report is written by analyst Ben Myers, a 15 year veteran of researching real estate markets across North America. "There are a lot of conflicting reports on the real estate market. These studies rely on oversimplified calculations, which lead to misleading results. It is important for both buyers and sellers to know who to trust," says Myers. "That's why we put this Manuscript together: to promote the best analysts, and dispel common misconceptions."

Highlights include:

No one thinks there will be a national crash: Despite the predictions of doomsayers, nearly two-thirds of analysts now believe that there is less than a five per cent chance of a housing correction over the next five years. Indeed, RBC Global Asset Management even believes that Canadian house prices are undervalued by four per cent.

Analysts disagree on the definition of a housing bubble: Survey results indicate no consensus on the level of price growth that suggests a bubble, with a need for speculative buyers to be included in that definition. Foreign condominium buyers are not bad for Canada, and analysts concur that they will not immediately flee the market should house prices decline drastically.

Ottawa is expected to rebalance in 2015: Although data providers have reported divergent results of year-over-year price growth, the fundamentals – employment growth – are still positive. Condominium apartment prices and absorption should improve, following a rare period of overbuilding and over exuberance in the typically staid market in the nation's capital.

When working with a client, one of the common questions I receive about a building or a property is regarding pets, and are they allowed in the building. While most buildings in Ottawa allow pets, there are a few condo buildings that have pet restrictions. If you are looking to buy and have a four legged friend, there are a few things to note before you sign on the dotted line.

Tell your agent. Before you head out looking, make sure to express to your agent that you have a pet, and that you will be taking the pet with you. While most buildings will be okay with pets, some are not, and it would be best to know before falling in love with a unit. Your agent will know, or be able to find out what the stance of the building is on pets.

Tell your lawyer. While the lawyer is reviewing the status certificate, they will review the bylaws of the building. This is when they would be able to tell you that there are certain bylaws that restrict pets, certain pets, or not at all. Even if your agent has given the go ahead, a second set of eyes that can ensure the building is okay with pets, never hurts.

Matt and his partner with their Weim "Ella"

Keep in mind - you might see an owner with a dog in the lobby, but that doesn't mean pets are allowed. Rules are constantly changing, and it is always best to consult the building bylaws for the correct and up to date rules. EXAMPLE: 199 Kent Street or Kent Towers, has recently changed the ruling for dogs in the building. However a number of owners had pets already, so they were "grandfathered" which would allow them to stay even though the building has a pet restriction.

Other restrictions might be size or weight of the pet ( no pets over 50lbs, or some even 25.5lbs!). Some buildings restrict amount of pets (no more than one pet), height restriction (20 inches or less), and even type of pet.

Are you a pet owner looking to make a move, and not sure if the condo life will work? We lived in our condo when we had Ella as a puppy. I would love to answer any questions!

Next week Richcraft is going to be in front of the planning committee to get approval for the tallest condo building in Ottawa. The building will be located at 845 Carling, one of three buildings they are hoping to construct on the site which is the old Dow's Honda location.

From Ottawa Citizen Article

Currently approved and now under construction, Claridge's Icon holds (or will hold?!) the title for tallest condo building in Ottawa sitting at 45 storeys. Richcraft is hoping for a 55 storey(180 meters) building, along side a 45 storey (148 meters) and 18 storey (66 meters) sister towers, all containing approximately 1120 units, with 6,800 sq meters of ground floor commercial space. Currently the entire Carling/Preston area is zoned for 31 storeys, which was approved last summer.

The main issue at this point seems to be over parking. Minimum parking for the complex is 675 residential spaces (91 commercial), however Richcraft is looking for an extra 100 spaces (766 in total plus the 91 commercial). The builder is also looking for an increase in bicycle parking spots to 566. Plus this complex will have direct access to the O-Train's Carling station, raising questions as to why the extra spots.

For the past few weeks Richcraft has been blasting away at the site for Bowery Condos, located at 255 Bay Street at Gloucester Street. Currently the building sits at 25% sold which is just about 60 units. Exciting to see things moving forward for the project.

Just got word that the construction for SoBa Condos will be delayed until spring 2015. Originally SoBa was scheduled to have the sales centre removed and the digging start earlier this year, however it was pushed back till late summer. Multiple reasons for the delay, but mainly Lamb Corp. is waiting on the permits from the city before they can begin. Keep in mind for those who have purchased, the last day they can deliver the condos (as per the Tarion agreements) is November 29th 2017.

If you are interested in purchasing a unit at SoBa, they are currently offering discounts on the latest pricing (prices went up before sales centre was to close) ranging from $9,000 to $41,000 off depending on the unit. For a full price list, click on the button below.

When it comes to selling, one of the most common questions I am asked, is "when is the best time to sell?"

The best time of year would be when there is the most demand for buyers and sellers. When both buyers are looking and sellers have their condo listed for sale. This is usually the Spring, followed by the fall, which are both our busiest time of the calendar year. The spring market in 2014 started much later than usual due to the weather, but normally mid-March or mid-April, lasting till mid-July. The fall market being mid to late August till early-mid December. It cools off over summer and the December holidays.

Keep in mind, my favourite saying in relation to selling condos is, "There is no snow in condo land." Meaning there are always buyers looking and the condo market is less affected by the weather and the seasons. Condo market starts earlier in the spring, and will go later till the holidays in December. Buyers are less likely to be dependant on families and more on their own schedules/wants.

One hidden/unknown time is always the mid-January rush, where we have the buyers who have finished holidays (or a family house that was way to small with all the family over) and can't find what they are looking for since the sellers are waiting till spring.

That being said, there are ALWAYS properties selling and buyers looking. If you are looking on new years or Christmas day, you are a serious buyer who is in need of a home. So don't be so quick to say no if you get a showing request.

Click the button below to learn more about selling your condo here in Ottawa. I would love to help you!

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Written by Matt Richling.

Matt is a licensed salesperson at RE/MAX Metro City Realty in Ottawa, Canada. Matt loves helping sellers and buyers find the perfect home that fits their lifestyle.